USD/JPY Wave analysis and forecast for 23.05 – 30.05: The pair is likely to decline.
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Estimated pivot point is at the level of 102.36.
Our opinion: Sell the pair below the level of 102.36 with the target of 100.0 – 99.0.
Alternative scenario: Breakout of the level of 102.36 will enable the rise in the pair up to the levels of 104.0 – 105.0.
Analysis: Presumably, the formation of the third wave continues. Within this wave extension of the impetus may take place. Locally, it is assumed that the formation of the first and second wave of the junior level has completed. If this assumption is correct, the pair will continue to fall to the level of 100.0. Critical level for this scenario is 102.36.
